The largest investor in ASOS announces plans to sell some of its shares

The largest investor in the ASOS, Bestseller United, has announced plans to sell some of its shares in the British fashion retailer.

The Danish company currently has the highest stake in the firm at 29.4%, and has revealed its intentions to sell around 2.4%.

The Bestseller United unit, Aktieselskabet, could sell around two million of its shares through a placing rom the Numis Securities, Reuters reported.

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The fashion company – which owns brands such as Vero Moda, Noisy May, and Jack&Jones – does not want its stake in ASOS to fall below 25%.

ASOS, which was founded in 2000 by Nick Robertson and Quentin Griffiths, has been valued by Forbes at US$6.1bn.

The London-headquartered company employs 3,500 people and saw its revenue hit £1.9bn (US$2.49bn) in 2017.